Assets Held for Sale

9 Months Ended

Sep. 30, 2020

Assets Held For Sale Not Part Of Disposal Group [Abstract]

Assets Held for Sale

Note 5:  Assets Held for Sale

Assets held for sale in the Company’s Condensed Consolidated Balance Sheets consisted of the following (in thousands):

	September 30, 2020		December 31, 2019
Real estate	$	4,524	$	240,524

In January 2020, management deferred its planned disposition of certain non-depreciable real estate property located in Chicago with a carrying amount of $236.0 million. In December 2019, the asset was previously classified as held for sale. The decision to defer the sale effort was driven by current uncertainties in the local government’s policies around property taxes which could impact a potential buyer’s perception of the property’s fair market value. Because the property is land with no limited useful life, management believes that, as of September 30, 2020, its fair value exceeded the carrying value and there was no impairment. As a result of this development, the property no longer meets the criteria of classifying as held for sale as it is not probable to sell the property within one year. Thus, the Company reclassified this asset from held for sale to property, plant and equipment (held and used) in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2020. The reclassification of the land property did not impact the Company’s results of operations during the three and nine months ended September 30, 2020.